Published On: Wed, Feb 22nd, 2017

GBP/USD: general analysis


Current trend

Yesterday the Pound was under a substantial pressure amid BOE Governor Carney speech and quarterly Inflation Report Hearings. After the decision by the UK to leave the EU, inflation growth and a fall in wages became a problem for the British government and for the financial regulator. However, after a release of weak data on the Markit Services PMI in the US the pair recovered the losses.

Today attention needs to be paid to data on the GDP for the 4 quarter 2016 and MPC Member Cunliffe speech in the UK. Additionally, later in the day the FOMC Minutes are due to be published in the US.

Support and resistance

On the 4-hour chart, the pair bounced off the lower border of the ascending channel near the level of 1.2430. The growth is likely to continue.

Support levels: 1.2430, 1.2345, 1.2250.

Resistance levels: 1.2510, 1.2580, 1.2700.

Trading tips

Long positions can be opened from current prices wit targets at 1.2510, 1.2580 and stop-loss at 1.2440.

Short positions can be opened from the level of 1.2430 with the target at 1.2345 and stop-loss at 1.2470.

Аналитика Форекс

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